USDA released the September World Agricultural Supply and Demand Estimates report Tuesday.
This month’s corn outlook calls for slightly larger supplies and ending stocks.
Projected beginning stocks for 2023/24 are five million bushels lower, and corn production is forecast at 15.1 billion bushels, up 23 million from last month.
The national average yield is forecast at 173.8 bushels per acre, down 1.3 bushels.
Ending stocks are up 19 million bushels to 2.2 billion. The season-average corn price is unchanged at $4.90 per bushel. Soybean supply and use changes for 2023/24 include lower beginning stocks, production, crush, exports, and ending stocks.
The soybean yield of 50.1 bushels per acre is down 0.8 bushels from last month. Ending stocks are projected at 220 million bushels, down 25 million from last month. The season-average soybean price is forecast at $12.90 per bushel, up $0.20 from last month.
The wheat outlook for supply and use is unchanged this month. The projected 2023/24 season-average farm price is also unchanged at $7.50 per bushel.